NVIDIA Financial Results for Second Quarter Fiscal 2015

SANTA CLARA, CA -- (Marketwired) -- Aug 07, 2014 -- NVIDIA (NASDAQ: NVDA)

  • Second quarter revenue of $1.10 billion, up 13 percent from a year earlier
  • GAAP diluted EPS of $0.22, up from $0.16 a year earlier; non-GAAP diluted EPS of $0.30, up from $0.23 a year earlier
  • Record GAAP gross margin of 56.1 percent; record non-GAAP gross margin of 56.4 percent

NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 27, 2014, of $1.10 billion, up 13 percent from $977 million a year earlier and in line with the previous quarter. Revenue for the first half was up 14 percent to a record $2.21 billion from $1.93 billion a year earlier.

GAAP earnings per diluted share for the quarter were $0.22, up 38 percent from $0.16 a year earlier and down 8 percent from the previous quarter. Non-GAAP earnings per diluted share were $0.30, up 30 percent from $0.23 a year earlier and up 3 percent from the previous quarter.

"We had a great quarter with strong gains in each of our three growth areas -- Gaming, Datacenter & Cloud, and Mobile," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "Our Tesla datacenter business is in high gear, benefiting from strong demand from cloud service providers, and our new SHIELD tablet is generating considerable excitement. ‎ NVIDIA's accelerating growth stems directly from investments in extending our visual computing leadership to the mobile-cloud revolution."

During the second quarter, NVIDIA paid $47 million in cash dividends and received 6.8 million shares under the $500 million structured repurchase agreement it entered into in the first quarter. During the first quarter, the company had paid $47 million in cash dividends and had received 20.6 million shares under the agreement. As a result, during the first half, NVIDIA has returned $594 million of the $1 billion it intends to return to shareholders in fiscal 2015.

NVIDIA will pay its next quarterly cash dividend of $0.085 per share on Sept. 12, 2014, to all stockholders of record on Aug. 21, 2014. NVIDIA expects that a portion of this dividend payment may be considered a return of capital for U.S. federal income tax purposes.

                                                                            
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                     GAAP Quarterly Financial Comparison                    
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($ in millions except                                                       
  earnings per share)  Q2 FY15    Q1 FY15    Q2 FY14      Q/Q         Y/Y   
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Revenue              $    1,103 $    1,103 $      977        flat     up 13%
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Gross margin              56.1%      54.8%      55.8%  up 130 bps  up 30 bps
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Operating expenses   $      456 $      453 $      440       up 1%      up 4%
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Net income           $      128 $      137 $       96     down 6%     up 33%
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Diluted earnings per                                                        
 share               $     0.22 $     0.24 $     0.16     down 8%     up 38%
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                   Non-GAAP Quarterly Financial Comparison                  
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($ in millions except                                                       
  earnings per share)  Q2 FY15    Q1 FY15    Q2 FY14      Q/Q         Y/Y   
----------------------------------------------------------------------------
Revenue              $    1,103 $    1,103 $      977        flat     up 13%
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Gross margin              56.4%      55.1%      56.3%  up 130 bps  up 10 bps
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Operating expenses   $      411 $      411 $      401        flat      up 2%
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Net income           $      173 $      166 $      133       up 4%     up 30%
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Diluted earnings per                                                        
 share               $     0.30 $        0.29  $          0.23              up  3%          up  30%
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